At an international symposium in Baku, Azerbaijan unveiled several energy projects and signed agreements worth over $10 billion in prospective investment, according to a presidential adviser on Saturday.
A definitive investment decision on the full-field development of the Absheron gas and condensate field was made by Abu Dhabi’s XRG, France’s TotalEnergies and the state oil company SOCAR.
Within three to four years, the second phase of Absheron, one of the biggest offshore fields in the Caspian Sea, would boost Azerbaijan’s gas production by almost five billion cubic meters, according to President Ilham Aliyev.
Aliyev told the Azerbaijan International Investment Forum, “Oil and gas will continue to dominate our economy and generate wealth, which will be reinvested.”
He said that although oil and gas continued to account for more than 90% of exports, the non-oil sector now contributed more than 70% of GDP.
Approximately half of Azerbaijan’s 25 billion cubic meters of gas exports last year went to EU nations, with the majority going to Europe and Turkey.
Although any growth in Azerbaijani exports to Europe would require additional pipeline capacity, the expansion coincides with worries about supply security being heightened by disruptions to global energy sources.
A production-sharing agreement for the exploration, development, and production of unconventional hydrocarbon resources in Azerbaijan’s Middle Kura basin was struck by SOCAR and US energy giant ExxonMobil.
Each company would own a 50% share, with ExxonMobil acting as operator.
Aliyev also said the country’s transit cargo volumes are expected to reach 16 million metric tons this year, with a goal of 25 million tons or more by 2030.
Meanwhile, the government was negotiating with foreign companies on developing data centers and artificial intelligence in Azerbaijan, which it did not identify.
